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Yesterday’s tech stock rout was not evenly distributed; some companies and technology sectors fared better than others. The same can be said about tech sectors in 2022 more generally. For example, the basket of cloud stocks that we track was off 45% year-to-date before the open today, while cybersecurity index funds ($IHAK, $CIBR, etc.) are off around 20% apiece, a far smaller decline.

Cybersecurity stocks have given back some gains this year; they are not immune from market repricing. But at the same time, the cohort is taking on less water.

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We’re curious if the generally more durable cybersecurity public equities are translating into more stable venture capital patterns as well. More simply, is cybersecurity venture capital deal activity holding up better than other sectors this deep into Q3? We’ve pulled a sheaf of data to help us understand just that.